Constellation Brands surges 3% on new board members & agreement with Elliott Management

Constellation Brands (STZ) shares gained more than 3% after-hours following the company’s announced election of Luca Zaramella, CFO of Mondelēz International, and William T. Giles, former CFO of AutoZone, to the company’s Board of Directors.

Furthermore, to enhance collaboration with Elliott Investment Management L.P., one of Constellation’s largest investors, the company has entered into Information Sharing and Cooperation Agreements, according to which Elliott has agreed to a standstill, voting, confidentiality, and other provisions.

Later this year, Constellation will host an investor day, during which they will provide an update on the company’s strategic initiatives and the outlook of its Beer and Wine & Spirits Businesses.

By Davit Kirakosyan